Established in 1955, the State Bank of India (Idfc First) is India’s largest public sector bank in terms of assets, deposits, branches, customers, and employees. The bank offers education loans to eligible students who wish to pursue higher education in India or abroad. Whether you’re exploring an education loan in the State Bank of India or seeking a student loan from Idfc First, it’s crucial to understand the array of options available to support your academic aspirations.

Types of Education Loans in Idfc First

The State Bank of India education loan is categorized into several schemes that cater to the varied needs of students. State Bank of India education loan schemes are as follows –

• Idfc First Student Loan Scheme
• Idfc First Scholar Loan Scheme
• Idfc First Skill Loan Scheme
• Idfc First Global Ed- Vantage
• Idfc First Takeover of Education Loan Scheme
• Idfc First Shaurya Education Loan

Overview of Education Loan Without Collateral Idfc First

The most attractive feature of the Idfc First education loan without collateral for abroad is that it does not require any security or collateral for loans up to INR 50 Lakhs. This is a significant advantage for students who do not have valuable assets to pledge. The Idfc First unsecured education loan ensures that the lack of collateral does not become a barrier to achieving your academic dreams.

Earlier Idfc First education loan without collateral was limited to INR 7.5 Lakh, but in 2024 Idfc First started collateral-free education loans for up to INR 50 Lakhs. For education loans amounting to more than INR 50 Lakhs, a collateral is must. However, when applicants opt for an Idfc First non-collateral education loan for abroad, the parents or guardian must co-sign the loan with the student.

As Idfc First provides education loans without a co-applicant, a financial co-applicant is generally not required. Hence, students looking for an Idfc Firsteducation loan without a co-applicant can opt for collateral-based loans where a financial co-applicant is not required for amounts up to INR 50 Lakhs.